The long-short ratio for foreign portfolio investors (FPIs) has declined from 80 per cent to 33 per cent in index futures in the past few days, signaling a reversal in stance from September. Lofty valuations, tensions in West Asia and “Buy China, Sell India” trade seem to have triggered an exodus of hot money. FPIs have sold over ₹80,000 crore in the cash market in October, a record for any month. Lower highs, lower lows“Nifty has been forming a series of lower highs and lower lows over the past three days, indicating bearish momentum will continue. During the week, the market slipped below 50-day simple moving average and breached the crucial support level of 24,900.

Source: The Hindu October 19, 2024 05:23 UTC